Tuesday 21 May 2019

New €1bn EU fund package aimed at young farmers launched

Minister Michael Creed, and Commissioner Phil Hogan
Minister Michael Creed, and Commissioner Phil Hogan

The Minister for Agriculture, Food and the Marine, Michael Creed TD, has welcomed the €1 billion package announced by Commissioner for Agriculture and Rural Development Phil Hogan and EIB Vice-President Andrew McDowell, aimed at increasing access to funding for EU farmers, especially young farmers.

Minister Creed said: 'One of my priorities is to improve access to finance for the agri-food sector.

'I look forward to working with the Commission and the EIB to ensure that Irish farmers have access to appropriate financial products to enable them to sustain and develop their individual enterprises.

'This will contribute to the overall development of the agri food sector which is a hugely valuable part of the Irish economy and particularly important for our rural and coastal communities.'

Minister Creed continued: 'Supporting young farmers and generational renewal continues to be a priority and will form an important part of the CAP post-2020.'

Pending delivery of any new products for farmers, Minister Creed highlighted the Future Growth Loan Scheme, which he launched with Government colleagues recently. Developed by his Department and the Department of Business, Enterprise and Innovation in partnership with the Department of Finance, the Strategic Banking Corporation of Ireland (SBCI) and the European Investment Fund (EIF), it will be delivered through participating finance providers and make up to €300 million of investment loans available to eligible Irish businesses, including farmers and the agri-food & seafood sectors.

Fingal Independent